Argentina President Cristina Fernández de Kirchner announced this week that the government would be attempting to sidestep the demands of aggressive U.S. vulture funds by establishing international payments for creditors through its own state-run Banco de la Nación as opposed to the U.S. bank. The move is seen as an affront to a U.S. court order which had sided with a number of hedge funds looking to profit from degraded Argentinian bonds afterf the nation voluntarily defaulted on portions of its international debt in 2001.
Agence France Presse writes:
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Argentina went into default at the end of July. The plan would allow the government to skirt a New York judge’s ruling that blocked bond payments to all creditors, after Argentina refused to reimburse a group of hedge funds led by billionaire Paul E. Singer.
The Guardian reports:
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